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Australia's card surcharge ban starts tomorrow. Here's everything you need to know (www.sbs.com.au)
submitted 1 month ago by to c/australia@aussie.zone
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[–] 4 points 1 month ago (3 children)

I mostly agree, but it would be way better if we provided an at cost-service.

This is infrastructure we're allowing private companies to extract profit from.

Until we have such a at-cost service, I'm of the opinion we should pass on 100% of the card fee, as determined by the card issuer (not the terminal), incentivising people to ditch rewards and BNPL cards.

Square charging businesses a flat rate would have to be undone for this to work.

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  • [–] 2 points 1 month ago (2 children)

    I mean the RBA cut the credit card cap here from 0.8% to 0.3%. EFTPOS is down to 0.16% I'm pretty sure this places us near the lowest card fees in the world now.

    Last I checked, the cost of cash handling here was over 1% of a transaction.

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  • [–] 1 point 1 month ago* (1 child)

    Does that apply to the payment provider (the services that provide the terminals, etc?)

    Or are we just relying on the "free market", which failed until this intervention, to re-price their services now that card fees are lower?

    Genuinely curious as I couldn't find the info

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  • [–] 2 points 1 month ago

    My reading of it is that it does. How it is enforced I don't know. I assume the business would need to report someone for over charging them in transaction fees given that we don't see what the fee is.

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